Running your own small business is exciting but it can also be incredibly stressful. Even if you start as a small business of one, the goal is eventually to have enough business that you need to scale up. But having more helping hands also means that you have to do other things like manage payroll. Payroll can be very complicated, which is why a lot of small businesses choose to outsource this task. Having a dedicated payroll person who knows the ins and outs of the business can make it easier to rest assured that your payroll is being done correctly and that you and your employees are being taken care of. But there are other benefits to having a payroll service for your small business. Read on to learn more.
Improve Time Management And Efficiency
Outsourcing payroll services can improve your efficiency by freeing up your time to do other work for your business. Payroll tasks and other related small business accounting services can be excessively time consuming, especially if you’re learning as you go. Outsourcing can also allow you to scale your workforce as the needs of your business change.
Support Recruiting Efforts
Payroll service providers also can often provide important help in the recruiting process, including doing background checks. In some cases they can even handle preliminary screening, so you don’t waste your time interviewing candidates who clearly don’t meet your requirements.
Stay Up-To-Date On Regulations In Compliance
Regulations and corporate compliance can be tricky, especially if they change as the world of business continues to shift during the pandemic. It is a full-time job just to make sure you are in compliance in everything you do – and you already have a full-time job running your small business. Outsourcing to a payroll company allows you to pass off the handling of compliance to them. They can often also help you establish important policies such as PTO and disciplinary policies.
Protect You From Fees And Fines
Having a service that handles your payroll and bookkeeping services can protect you from having to pay fees and fines in the case of underpayment or late payments. The IRS can levy fees and fines for any number of infractions and bookkeeping mistakes. If accounting is not your industry, it can be a lot to stay on top of. A payroll company understands the ins-and-outs and can help you avoid these fees and fines. They know how to make sure that everything is done correctly.
Contact Bowman & Company Today
Bowman & Company CPA, PC provides all of our individual and small business customers with experienced, accurate, and affordable financial services. Our financial services aim at decreasing your taxes and increasing your net worth through responsible, timely, and accurate record keeping. We offer our services to clients throughout the Washington, D.C. metropolitan area including Maryland and Baltimore County, Columbia, and Howard County. For more information on our offerings, contact us online or call us at (410) 381-8121. You can also find us on Twitter, Linkedin, Facebook, and Youtube.